CFO Network: Sen. Wyden's Plan for Tax Reform

This transcript has been automatically generated and may not be 100% accurate.

I ... with the topic that everybody loves to hate just taxes ... um ... one of the anomalies of Washington it seems to me in the last few years has been that ... there is broad bipartisan consensus on one thing which is that there are to be taxes for the Rugby a broad tax reform of this is of the system ... yet nothing ever seems to happen ... tell me what your plan is to make it happen in you when you when your Republican colleague au center had to announce an hearings just last week ... um what's the road ahead for tax reform ... Jerry fur first of all our people deserve a tax code ... that gives all Americans the opportunity to get a head and not just those who have ... the resources to figure out how to get ... a brigade a lawyer is an account of the ... top wireless systems they can take advantage of the latest loophole ... and I've developed a bipartisan proposal last few years first with Mitch McConnell ... economically can and should grading most recently with Senator Dan coats ... and essentially build on the good work that a big batch of Democrats in ... the mid eighties Bill Bradley A ... mother told Democrat on the Finance Committee Ronald Reagan bomb packed with ... which basically means you go in there ... and drain the swamp there have been something like fifteen thousand ... of tax changes since that last to ... tax reform thing going there Clean no doubt use the money to hold down the rates encourage progress in a ... and when the dividend in the first couple years now the box we created ... something like six million new jobs nobody can say they're all due to tax reform ... but it sure helped the stock to climb and I think you can do so again ... so what ... tell me the specifics what would you do to the top corporate tax rate will give you the Pursell rates ... he's a revenue neutral in your in your vision ... for the first of all I think that pro growth tax reform the right kind of bipartisan tax reform ... is going to encourage job growth is going to encourage economic growth and that will translate ... into revenue and my top rate is twenty four percent ... so it is really below what's on offer at means we're cutting the top for a third ... but I think we do need to go after ... some of these loopholes and we got a big group of CIA foes here today and one of the ways they can help this first volume of uncertainty for the next two years which is ... to pass these tactics tender ... on provisions in center hatch and I have gotten through the Committee on a bipartisan basis ... and then help us pinpoint ... specific loopholes that can be closed in order to drive down rates which of course ... with the principle that the Democrats and Republicans together ... a quarter century ... and ended the corporate rate to you envision ... twenty four for twenty four percent below West on on offer ... and you know the reality is much what we're seeing today ... these versions for example which are very much ... in the news ... stems from the fact that our corporate rate ... isn't very efficient it's really putting us right up there in the top and in a tough global economy ... we need to have an efficient rate for business with competitive ... and then also on the tree down front ... we need to find a way to build a new bipartisan coalition hoops pm markets and in our country make things here grow things here and I come here and shipping ... you know um ... Georgia will point out a column couple weeks ago that it's hard to be tax reform the year before elections are due to tax reform in the year of an election in four to the zoo the only two years we have um ... how do you ... I enjoyed by the way women have you do this by the way nineteen eighty six was an election in your hand to ... that was the year of the bipartisan tax reform fact bomb packed with ball in a note what unable to make the signing ceremony because he was at home ... getting a plaque from citizens to settle a it can be done but I will tell you ... and doubt those participating I think ... that there is a prying fifteen month window now substantially ... from now until say the August recess of twenty fifty maybe early cough cough that's why Senator hatch and I have joined with three ... very import during the first will start on the education ... provisions and we all understand ... that our students are getting smothered by doubt I mean this is really harming their ability ... to be productive in my focus there ... will be to consolidate these ... the storm rages welter of confusing provisions ... in the essentially ... I can fall and also to create new incentive for everyone to save right now if you're out with a modest income ... you want to set up a little bit of money inside ... you bump up against these asset moments that mean it's hard for you to get Congress itself will start with the education on incentives ... and then very quickly we will move to ... a looking and international competitiveness which involve the corporate great conversion ...